the focus back on to the companies and appreciate the quality of companies that we have in europe and then the attractive valuations that they're trading on. >> to stick, though, with the news this morning, finally on that front, a banking union, clearly we need several important pieces in place for this banking union to come into being. among those most contentious and most important will be the worldwide deposit scheme. that seems to be, politically speaking, still if a far off into the future. so this lag time between the first step and what needs to happen, what happens in the interim? >> well, the way that i would think about something like this, one of these technocratic structures, is that a lot of their value just in the fact that they exist, they're able to create confidence and give people a sense that there's some supervision in the market. often, though, when you actually dig into the practical reality of what's going to happen and how these bodies are going to enact their powers, then the kind of more issues come about.